0Required information[The following information applies to the questions displayed below.)Miley decided to terminate the S corporation election of her solely owned corporation on October 17, 2019 (effectiveimmediately), in preparation for taking it public. Miley had previously elected S corporation status on January 1, 2018. Atthe time of the election, the corporation had an accumulated adjustments account balance of $165,000 and $462,500 ofaccumulated E&P from prior C corporation years, and Miley had a basis in her S corporation stock of $146,250. During2020, Miley's corporation reported $0 taxable income or loss. Also, during 2020 the corporation made distributions toMiley of $87,500 and $65,000.How are these distributions taxed to Miley assuming the following? (Leave no answer blank. Enter zero if applicable.Enter N/A if not applicable.)a. Both distributions are in cash. The first was paid on June 15, 2020, and the second was paid on November 15, 2020.June 15November 15AmountTaxable$Taxable asN/ADividend

The amount of taxable depends upon the return from the corporation to the stockholder.Given in the…

Answered: a. Both distributions are in cash. The…

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a. Both distributions are in cash. The first was paid on June 15, 2020, and the second was paid on November 15, 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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BE13.3 (LO 1) Takemoto Corporation borrowed $60,000 on November 1, 2020, by signing a $61,350, 3-month, zero-interest-bearing note. Prepare Takemoto's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry.